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| *The Commerce Journal>>>Canada Taxes |
What is the percentage on the income tax in Ontario? |
just woundering is there a different % of deductions for different kind of buisnesses? and the base to calculate please 99% of gross base production of service for non alienated resident aliens Depends on a few factors: -Whether the business is a Canadian Controlled Private Corporation (CCPC) -Whether the business is considered to be "active business" versus "property or investment income" such as real estate rentals or securities. Having said that, here are the combined federal and Ontario rates for 2006/2007: CCPC first $300,000 of active business income 18.6% Remaining active business income 36.6% Property/investment income 49.8%* *A portion of this tax is refundable when dividends are paid Non CCPC Manufacturing and processing income 34.1% General active business income 36.1% Property income 36.1% So basically if you are an Ontario resident and you run a "normal" (active) business, you will pay corporate tax of 18.6% on the first $300,000 of income, and 36.6% on any income above $300,000. Any amounts you pay to yourself as a salary will be deductible from the corporation's income and will be subject to personal tax. http://www.kpmg.ca/en/services/tax/taxra... |
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